ILCV vs. FTA

Last updated Aug 2, 2026

ILCV (iShares Morningstar Value ETF) and FTA (First Trust Large Cap Value AlphaDEX Fund) are both Large Cap Value Equities funds - ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index while FTA tracks the NASDAQ AlphaDEX Large Cap Value Index. Both are passively managed. Over the past 10 years, ILCV returned 11.90%/yr vs 11.60%/yr for FTA. Their correlation of 0.87 means they have usually moved in the same direction. ILCV charges 0.04%/yr vs 0.60%/yr for FTA.

Performance

ILCV vs. FTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Value ETF (ILCV) and First Trust Large Cap Value AlphaDEX Fund (FTA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ILCV achieves a 12.42% return, which is significantly lower than FTA's 18.18% return. Both investments have delivered pretty close results over the past 10 years, with ILCV having a 11.90% annualized return and FTA not far behind at 11.60%.

ILCV

• 1D: 0.30%
• 1M: 2.03%
• 6M: 10.11%
• YTD: 12.42%
• 1Y: 29.26%
• 3Y*: 17.48%
• 5Y*: 12.42%
• 10Y*: 11.90%
• ALL TIME*: 8.73%

FTA

• 1D: -0.29%
• 1M: 2.70%
• 6M: 12.86%
• YTD: 18.18%
• 1Y: 31.73%
• 3Y*: 15.29%
• 5Y*: 11.21%
• 10Y*: 11.60%
• ALL TIME*: 8.58%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FTA First Trust Large Cap Value AlphaDEX Fund	$3.06M	$3.30M	$2.95M
ILCV iShares Morningstar Value ETF	$1.89M	$2.26M	$2.59M

ILCV vs. FTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ILCV iShares Morningstar Value ETF	12.42%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%
FTA First Trust Large Cap Value AlphaDEX Fund	18.18%	14.94%	10.13%	10.08%	-3.73%	29.32%	-0.38%	24.73%	-13.63%	18.47%

Correlation

The correlation between ILCV and FTA is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since May 11, 2007	0.87

The correlation between ILCV and FTA shifts across timeframes, from 0.72 (1 year) to 0.91 (5 years), reflecting how their relationship changes across market environments.

ILCV vs. FTA - Sectors Allocation Comparison

Sectors	ILCV	FTA
Technology	22.6%	7.3%
Financial Services	18.3%	23.2%
Healthcare	12.6%	10.2%
Communication Services	9.9%	4.6%
Consumer Cyclical	9.6%	9.3%
Consumer Defensive	7.3%	6.5%
Industrials	6.8%	8.8%
Energy	5.5%	9.2%
Utilities	3.4%	11.1%
Basic Materials	2.1%	3.2%
Real Estate	1.9%	6.6%

Return for Risk

ILCV vs. FTA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ILCV

ILCV Risk / Return Rank: 94
ILCV Sharpe Ratio Rank: 95
ILCV Sortino Ratio Rank: 95
ILCV Omega Ratio Rank: 94
ILCV Calmar Ratio Rank: 92
ILCV Martin Ratio Rank: 94

FTA

FTA Risk / Return Rank: 94
FTA Sharpe Ratio Rank: 94
FTA Sortino Ratio Rank: 95
FTA Omega Ratio Rank: 92
FTA Calmar Ratio Rank: 96
FTA Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ILCV vs. FTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Value ETF (ILCV) and First Trust Large Cap Value AlphaDEX Fund (FTA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ILCV	FTA	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.63	+0.12
Sortino ratio: Return per unit of downside risk	3.86	3.90	-0.03
Omega ratio: Gain probability vs. loss probability	1.50	1.46	+0.04
Calmar ratio: Return relative to maximum drawdown	4.22	5.93	-1.72
Martin ratio: Return relative to average drawdown	17.65	20.26	-2.61

ILCV vs. FTA - Sharpe Ratio Comparison

The current ILCV Sharpe Ratio is 2.75, which is comparable to the FTA Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of ILCV and FTA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ILCV vs. FTA - Drawdown Comparison

The maximum ILCV drawdown since its inception was -58.63%, smaller than the maximum FTA drawdown of -62.45%. Use the drawdown chart below to compare losses from any high point for ILCV and FTA.

Drawdown Indicators

	ILCV	FTA	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-62.45%	+3.82%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-5.13%	-1.42%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-18.73%	+3.78%
Max Drawdown (5Y) Largest decline over 5 years	-18.58%	-19.80%	+1.22%
Max Drawdown (10Y) Largest decline over 10 years	-35.53%	-44.97%	+9.44%
Current Drawdown Current decline from peak	0.00%	-1.56%	+1.56%
Average Drawdown Average peak-to-trough decline	-9.26%	-8.97%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.50%	+0.06%

Volatility

ILCV vs. FTA - Volatility Comparison

The current volatility for iShares Morningstar Value ETF (ILCV) is 2.91%, while First Trust Large Cap Value AlphaDEX Fund (FTA) has a volatility of 3.93%. This indicates that ILCV experiences smaller price fluctuations and is considered to be less risky than FTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCV	FTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	3.93%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	7.33%	8.04%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	10.09%	11.61%	-1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.16%	16.23%	-2.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	19.85%	-3.22%

ILCV vs. FTA - Expense Ratio Comparison

ILCV has a 0.04% expense ratio, which is lower than FTA's 0.60% expense ratio.

Dividends

ILCV vs. FTA - Dividend Comparison

ILCV's dividend yield for the trailing twelve months is around 1.55%, less than FTA's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTA First Trust Large Cap Value AlphaDEX Fund	1.61%	1.89%	2.02%	2.10%	2.15%	1.54%	2.03%	1.88%	2.28%	1.53%	1.56%	2.05%
ILCV iShares Morningstar Value ETF	1.55%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%

Frequently Asked Questions

Can I hold both ILCV and FTA in my portfolio?

ILCV and FTA have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ILCV or FTA?

FTA has higher volatility (3.93%) compared to ILCV (2.91%). In terms of maximum drawdown, ILCV dropped -58.63% vs FTA's -62.45%.

Which ETF is better, ILCV or FTA?

On 10-year performance, ILCV leads with 11.90% vs 11.60% for FTA. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILCV or FTA?

Over the 10-year period, ILCV has performed better with a 11.90% return vs 11.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ILCV or FTA?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.60% for FTA.

Which ETF pays a higher dividend yield, ILCV or FTA?

FTA has the higher dividend yield at 1.61%, compared with 1.55% for ILCV.

What is the main difference between ILCV and FTA?

ILCV tracks Morningstar US Large-Mid Cap Broad Value Index, while FTA tracks NASDAQ AlphaDEX Large Cap Value Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.04% for ILCV and 0.60% for FTA.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.75 vs 2.63), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.